America Movil 1st-qtr profit drops more than 40 pct

MEXICO CITY: Mexico's America Movil on Wednesday reported a drop in first-quarter net profit compared with the same period a year earlier.

The telecoms company, which is controlled by the family of billionaire Carlos Slim, said profit in the January-March period was 4.798 billion pesos ($278 million), compared with 8.227 billion pesos a year earlier. (Reporting by Christine Murray)

Separately, RCom initiated contempt proceedings in the apex court against the Department of Telecommunications, blaming it for delaying a spectrum sale that would have enabled dues to be paid to Ericsson and lenders.